FINANCE

Decision on Proposed Delay of Rule Expected Soon The U.S. Department of Labor (DOL) has announced a temporary policy regarding its enforcement of the “Fiduciary Rule.” Background On April 8, 2016, the DOL released a final rule (“Fiduciary Rule”) expanding the number of persons that are subject to fiduciary standards when they provide retirement investment […]

Deadline to Electronically File Returns With IRS is March 31, 2017 Employers subject to the Affordable Care Act’s (ACA) information reporting requirements are reminded that the deadline to electronically file ACA information returns with the IRS is quickly approaching. The reporting deadlines in 2017 are for the 2016 calendar year, and are as follows: Applicable […]

Enforcement of Notice Penalty Also Delayed The Internal Revenue Service (IRS) has extended the period for an employer to furnish an initial written notice to its eligible employees regarding a qualified small employer health reimbursement arrangement (QSEHRA) and has delayed associated penalties until further guidance is issued. Background The 21st Century Cures Act requires employers […]

Paper Filers Must Submit Request by February 28, 2017 With the Affordable Care Act information reporting deadlines for the 2016 calendar year quickly approaching, employers are reminded that they can request a 30-day extension to file Forms 1094-C and 1095-C with the Internal Revenue Service (IRS). Unless an extension is granted, employers must file these […]

Taxpayers May Be Able to Deduct Certain Expenses The Internal Revenue Service (IRS) has updated Publication 463 (Travel, Entertainment, Gift, and Car Expenses) for use in preparing 2016 returns that are filed in 2017. Background Taxpayers may be able to deduct the ordinary and necessary business-related expenses they have for travel, entertainment, gifts, or transportation. […]

Employers Should Correct Errors As Soon As Possible With the Affordable Care Act information reporting deadlines for the 2016 calendar year approaching, employers should confirm the accuracy of all information returns and correct any errors as soon as possible with both the IRS and their employees. Errors on Forms 1094-C and 1095-C As a reminder, […]

Q&As Provide Information on Receipt of the Forms, How the Forms Relate to Income Tax Returns, and More The IRS has released new Q&As to help individuals understand the new Forms 1095-A, 1095-B, and 1095-C they may receive this quarter, including who should expect to receive them and what to do with them. The Q&As […]

Publication Includes Tax Guidance for HSAs, Health FSAs, and HRAs The Internal Revenue Service (IRS) has released a new Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, which contains information for use in preparing 2016 tax returns. Released annually, Publication 969 provides information on the rules related to health savings accounts (HSAs), health […]

Premium Tax Credit, Individual Mandate, and More The IRS offers news on trending topics and answers to questions it is hearing from taxpayers. The following reflects the most commonly asked questions that the IRS has been receiving regarding the Affordable Care Act (ACA): 1.    What happens if an individual does not file or fails to […]

IRS Guidance Outlines Permissible Arrangements IRS guidance clarifies that participation in both a health reimbursement arrangement (HRA) and a health savings account (HSA) is permissible in certain circumstances. Such permissible arrangements are outlined below. Background An HRA is an arrangement funded solely by an employer that reimburses employees for qualified medical expenses up to a […]